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Tracy Smith is researching a financial reporting issue. She did not find guidance for the specific transaction in the Accounting Standards Codification. Briefly explain how she should proceed in resolving her accounting research question.
Marginal Revenue
The extra revenue generated by the sale of an additional unit of a good or service.
Marginal Cost
The additional cost incurred from producing one more unit of a good or service.
Hats
Articles of clothing worn on the head, often for fashion, protection against weather conditions, or as part of a uniform.
Quantity Effect
The effect on overall consumption when a change in price leads to a change in the quantity demanded.
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